2016, the year of the monkey has brought in fortune for all the startup entrepreneurs who dreamt of taking over the globe with their game changer startup plan. The eventful day of January 16, 2016, wherein the Hon’ble prime minister of India, Narendra Modi launched “Startup India” has geared up all the masterminds of the nation to either startup or invest in a budding startup. With billions of dollars flowing in the ventures through venture capitalists, startups in India are not only changing the economic balance, seeing a lot of top brains of prominent companies leaving their jobs to venture out with a startup.
Why Startup India?
In a very innovative move, the government has acknowledged the shift in economies by the startups and has launched ‘Startup India, Standup India’ to promote and motivate not only the entrepreneurs to venture out, but also the venture capitalists who have been the primary funding source for these ventures. With Startup India, there is an effort to make the legal, funding, taxation processes simpler for the entrepreneurs.
Are you eligible to avail benefits under the initiative?
Government has been keen to promote the right talent for a better future, and thus carefully framed the rules under Startup India schemes, which states that the startups that are eligible under the initiative are as follows:
- The operational years should be less than 5 years
- Turnover should be less than 25 crore
- Potential and Commercial business plan
- Innovative Idea or development plan
And the same would be approved and certified by the DIPP via the inter-ministerial board before they can avail the benefits of startup India, which are
- Tax exemption for the first 3 years
- 80% reduction in patent registration for your business idea
- 2500crores of initial funds with the overall FoF being 10,000 crores
- Dedicated website and mobile app
So how can you apply and register your company for Startup India?
The startup India E-registration portal will be kicked on 1st April 2016, so that anyone can apply for it through anywhere. To add more to it, the government has provided Startup support camps at various national institutes. If that is not enough, the government has been kind enough to provide easy exit policy, for any startup plan who fail to succeed, without being much troubled on documentations and loans.
Only by next quarter will we be able to analyse how the initiative boosts the startup scenario in India. For now, there is excitement among the entrepreneurs who foresee much more benefits under the scheme.
With legal and funding complexities being taken care by the government, the entrepreneurs now have to focus on streamlining their operations. Usually when the startup is in its nascent stage, the roles between the teams are not defined properly, as the startup grows, if the same is happening, it is a sure alert sign. What the entrepreneurs need to do is get all their processes on a single platform and identify for any data leakages or duplicity which may be hampering with the sales pipeline and forecasting.
With an ERP for SMEs and startups, you not only are able to streamline your processes but also manage all business processes with these easy to use modules
Features of Sage ERP:
- Finance Module: Manage your expense and sales
- Tracking: know where your SME is, monitor your project progress and performance
- Inventory and supply chain: efficiently reduces wastage of products and handles distribution
- Business Intelligence: Generate precise reports for planning for future projects.
Moreover, Sage CRM can help you gain quality leads, follow up process, and retain your customer, which is quintessential for any startup to climb up the success ladder. Thus, put on your safety belts, gear up with our business management suites and blast out with startup India, for the right time is right now and for you to be on top forever.
To know how Sage ERP Solutions can aid your SME management seamlessly and boost productivity, contact us here. You can also SMS SAGE to 56767 or drop us a mail at firstname.lastname@example.org for free demo and consultation.
Disclaimer: All the views, opinions and information expressed in this blog are those of the author and its web source and in no way reflects the principles, views or objectives of Sage Software Solutions (P) Ltd.